Only do this if you really like farming.
I was able to powerlevel my skill up to the level needed to make drakefist, but spent about 2.5k gold in the process, then another 500 or so for the mace itself. I hate farming, so I blew all the money I acquired to make this. Looking back, I could be closer to my epic flyer. And the mace isnt any better than the S1 Mace, asside from the haste bonus. Its Preference there, but the damage is about the same. But if you dont mind farming, and the time it takes to skill up mining (a must here, no question), AND have a guild to get you into 25 mans.... go for it. It does look sexy as hell, after all!